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Senior Managing Director Sal Bonsignore and Executive Managing Director Rod Loschiavo of Colliers South Florida, represented the seller in the transaction with First Industrial Realty Trust.
The new leases total nearly 14,000 square feet.
The medical office building is leased long-term to the University of Miami (UM) Hospital.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The buyers intend to convert the property to art gallery and creative space.
An Ares Management Real Estate fund acquired the assets.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
Miller began the site work in January and aims to complete the project this summer.
They will join Team Kingsley-Rutchik and focus on office services out of their Brickell office.
The industrial fund intends to identify and make investments over the next 24 months with various operating partners.
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